What do SMEs need to pivot during the COVID-19 pandemic?

The COVID-19 pandemic has wreaked havoc on small and medium entrepreneurs, leaving them struggling to survive in the face of unprecedented challenges. Eric Kacou, CEO and Founder of ESPartners, shared insights on how SMEs can pivot and thrive during these turbulent times in a recent interview with CNBC Africa. Kacou emphasized the importance of reinventing businesses in the wake of the pandemic, highlighting the critical need for SMEs to assess their current situation and access the necessary resources to navigate the crisis. He stressed that SMEs play a pivotal role in rebuilding African economies post-COVID and must receive the funding and assistance required to drive growth. Kacou introduced the African Resilience Initiative for Entrepreneurs, a groundbreaking program aimed at providing 'intelligent capital' to SMEs, particularly those led by women. The initiative focuses on empowering SMEs to tap into new markets, acquire essential skills, and secure funding to propel their business forward. By offering zero-cost loans of up to $150,000, the program seeks to support SMEs across eight African countries, fostering collaboration and community-building in the process. With the pandemic fueling a wave of economic uncertainty, Kacou's program represents a beacon of hope for SMEs looking to pivot and thrive in a rapidly evolving business landscape.